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22-11-2024 09:22 AM | Source: PR Agency
Phi Commerce`s UPI Switch gets a go ahead from NPCI
News By Tags | #Industry #PhiCommerce #UPI #NPCI

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Digital payments fintech Phi Commerce has received National Payment Corporation of India (NPCI) certification to offer UPI Switch for its enterprise customers, primarily to sustain high transaction volumes. Considered as the next revolutionary innovation in the digital payments space, the UPI Switch enables fintechs like Phi Commerce to onboard enterprise customers instantly, reducing substantial turnaround time associated with the existing bank-driven process to induct new customers. This, in turn, benefits enterprise customers to offer a broad range of payment options to their customers almost instantly and thereby launch products and services at a faster pace than earlier.

UPI Switch feature supports all other features currently rolled out by the NPCI including UPI Auto Pay, recurring mandates, instant refunds, credit card linkages, and so on. This add-on product will also help enterprise customers to lower their operating costs as processing time reduces considerably, improving overall efficiency and better customer experience.

Built on a robust technology platform and seamless operations, Phi Commerce’s UPI Switch feature supports easy integration, offers on-premises or cloud-based architecture, comprehensive risk management tools, and 24/7 support and maintenance for uptime and reliability.

UPI Switch is widely regarded as a critical tool that will envisage the ambitious one billion transactions per day target set forth by NPCI in the next 3-5 years as part of its Digital India mission. UPI Switch distributes traffic across multiple servers, preventing system overloads and reducing processing times.

“During peak times, when people rush to make payments, the UPI Switch helps by spreading the load across multiple servers. It’s like opening more checkout lanes at a grocery store during rush hour, making things move faster. This way, users experience quick, efficient transactions without delay,” said Rajesh Londhe, Co-founder and Head of Payments, Phi Commerce.

This feature also monitors if there’s anything unusual or suspicious transaction using real-time fraud monitoring algorithms. In terms of technology, the UPI switch is a sophisticated orchestration layer that handles billions of transactions with sub-second response times, powered by microservices architecture and high-performance databases. The UPI switch also supports API-based integrations, enabling seamless connectivity with various financial institutions and fintech platforms, and fostering an ecosystem of interconnected, interoperable digital payments across the country.

 

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